Hotforex is the forex brokerage brand of HotForex Markets Ltd. The Hotforex broker brand was founded in 2010. The company is registered in St. Vincent & the Grenadines, Cyprus and Mauritius, and is authorized by the financial regulators in these countries.
HotForex offers many trading instruments in the form of currency pairs, CFDs, metals, stocks, indices and commodities. Many account types are available and trading can start with as little as $5. The brand was one of the first to offer lower-cost ECN forex trading with a $10,000 minimum deposit.
- Is HotForex legit? Yes, as the brand is regulated by three regulatory agencies
- Traders can trade over 150 trading instruments
- Leverage up to 1:30
- The forex offering in the three locations reflects the needs of the local market
- 1. Forex Trading Offers: Trade More than 50 FX Pairs on Hotforex
- 2. Forex Trading Costs: Multiple Costs for Expanded FX Trading
- 3. Accounts: Have Your Pick from Several Account Types
- 4. Forex Trading Platforms & Mobile Trading: Great Variety for You
- 5. Usability of the website: Beautiful, Multilingual and Responsive
- 6. Customer Support: Talk to HotForex on Multiple Channels
- 7. Methods of Payment: Choose the Options That Work for You
- 8. Additional Offers: Some Extras for You
- 9. Regulation & Deposit Protection: Triple Protection from Hotforex
- 10. Awards: Trade with an Award-Winning Company
- 11. Conclusion: Trade Safely with HotForex
Trader Rating Total
Depends on account type
up to 1:30
1.) Forex Trading Offers: Trade More than 50 FX Pairs on Hotforex
HotForex broker is an award winning forex and CFD trading provider. There are multiple trade instruments available on their platform.
Tradable assets: The assets that are traded include currencies, stocks, commodities, metals and indices.
FX offer: HotForex includes about 50 currency pairs available for trading. These include the major, minor and the exotic currency pairs.
Exotic Assets: A HotForex review shows that cryptocurrencies are traded on the available platforms. Some of the traded cryptos are Bitcoin, Dashcoin, Litecoin, Ripple and Ethereum. In addition, world leading stock indices are available for trading on HotForex. A broker comparison shows that indices such as UK100 and USA100 which are popularly traded index assets are also found on Hotforex.
Energy, metal and agricultural commodities are also featured on Hotforex. Energies like US Crude Oil, UK Brent Oil and Metals like Gold, and Silver are available for trading. HotForex Broker offers the trading of commodities like Coffee, US Cocoa, Sugar etc
Stocks of leading blue chip companies like Coca Cola, Chevron, Apple, Intel etc are available for trading. Bonds traded on the Hotforex platform include Euro Bund, UK Gilt, etc.
- Multiple trading instruments in different classes are featured on HotForex.
- About 50 currency pairs can be traded on the provided platforms.
- Stocks, cryptos, indices and bonds round off the asset offering on HotForex.
2.) Forex Trading Costs: Multiple Costs for Expanded FX Trading
A review of HotForex trading costs shows that the costs listed below include spreads, commissions on ECN trades, rollover swaps and transaction costs.
Spreads: All assets on Hotforex attract a spread costs. The spread will differ from asset to asset, and from one asset class to another. Typically, stocks have the lowest spreads, while the highest spreads are paid on the leveraged cryptocurrency assets.
Commissions: ECN FX Hotforex broker trades will attract commissions on the entry and exit sides of FX trades. It is calculated based on contract size, lots traded etc. No commissions are charged on CFD trading.
A Rollover Swap fee is charged if a trader holds an open position overnight. Swaps are charged if the trader is long on the lower-yielding currency pair.
HotForex does not charge withdrawal fees. The charges incurred on payment transactions are on digital methods and bank wires. For bank transfers, fees are charged at the level of the correspondent banks A charge of $30 to $50 per transaction is applied, depending on the banks involved. Electronic wallet withdrawals also attract charges which are usually between 1-1.5% of the transaction amount.
- Commissions are charged by this broker on ECN FX trades.
- Swap point fees are charged when open positions are held till midnight on lower-yielding currencies in a pair.
- Withdrawal fees are charged by banks and digital payment processors.
3.) Accounts: Have Your Pick from Several Account Types
Hotforex boasts of 8 different real money account types. The Micro account, with a minimum deposit of $5 and a maximum leverage of 1:30, is ideal for transiting from a demo to a live account. The Zero account comes with a minimum deposit of $100 and a maximum leverage of 1:30. As the name of the account goes, there are no spreads on the forex pairs.
The Fixed account comes with fixed spreads, minimum deposit of $500 and maximum leverage of 1:30. Get Premium account status with a minimum deposit of $500 and a maximum leverage of 1:30. With a minimum trade lot of 0.01 and a maximum of 60 lots per position, this is a good way to step your trading level.
The VIP account comes with zero spreads, maximum leverage of 1:3 0and minimum deposit of $20,000. The Auto account offers a 1:30 leverage and minimum deposit of $500. If you prefer passive trading, the PAMM account is for you. All you need is $250 as minimum deposit and a maximum leverage of 1:30.
A Hotforex review showcases the HFCOPY account, used only for forex and bitcoin trading. The minimum deposit is $500 and maximum leverage is 1:30.
- HotForex provides up to 8 different types of accounts, including the Islamic Account, which do not incur Swap or rollover charges when trades open overnight.
- Passive traders can use the PAMM account to earn money.
- A demo account is provided.
4.) Forex Trading Platforms & Mobile Trading: Great Variety for You
A review of HotForex trading platforms shows that 8 options are available. Whether you love to trade on your table, on your light netbook or from your tablet/smartphone, there is a platform for you on Hotforex.
HotForex MT4: The MT4 is the most popular trading platform in the world today and it is offered by Hotforex, downloadable on Windows, MAC, Linux. Added to this is the HotForex MT4 Multiterminal, which supports the management of different accounts from a single interface.
The MetaTrader 4 WebTrader is the MT4 trading platform that can be accessed via a URL. No downloads to deal with. There is also a mobile app associated with the MT4.
The mobile apps feature the HotForex iPhone Trader (iOS devices) and the HotForex Android for android phones and tabs. It features real-time trading, indicators, history and other forex tools.
The Rapid Trader FIX/API gives access to clients that wish to use the FIX protocol.
- A HotForex trading platform review showcases 8 different platforms for trading.
- The Hotforex iphone, IPAD and android traders are for mobile trading.
- The HotForex Multiterminal is for multiple accounts trading on the same platform.
5.) Usability of the website: Beautiful, Multilingual and Responsive
HotForex trading platform review revealed that users find the web-based platforms easy to use. Visitors to the official website of HotForex had no issues with finding their way around the website. The Hotforex website is professionally designed, encrypted and well arranged with matching fonts, colours and clear images. The black and white combination of backgrounds and texts look very beautiful. The pictures and charts are very sharp and professionally designed. The red and green buttons and headings give the site a very good and colourful outlook.
Navigation is easy as every webpage in the site is easily accessible through the flyout menu. The menu is further cascaded into headings for easy access to a particular webpage of the visitor’s interest. The white font on black menu background enhances the legibility and aesthetics.
Important information like company registration details, office addresses, and contact details appear on every webpage. The website is available in over 25 languages.
When tested across different browsers, the website displayed perfectly. The website is also optimized for mobile viewing as it appropriately resized to display very well on mobile phones and tablets.
- HotForex features a beautifully designed professional website with easy page navigation.
- Important information conspicuously displayed on every page.
- The website is optimized for mobile and tablet viewing.
6.) Customer Support: Talk to HotForex on Multiple Channels
Customer support options available on HotForex include:
Toll Free Lines: About 13 international phone numbers are listed as toll free customer care lines from different countries. Customer support desk is +44-2033185978.
Contact Form: The website features a “Contact Us” page with an online contact form. The form details end up being routed to the appropriate desk via email.
E-mail: Several email addresses are listed for support according to problem area. Some are listed according to the language spoken. General support can be reached at [email protected]
Instant Online Chat: Every page features an invitation for a live chat. Choose this option to chat with a live support staff. This is an instant medium of getting whatever support you need.
Social Media: The available social media platforms are Facebook, twitter, Instagram, YouTube and LinkedIn.
Fax: The fax number given is +44-2035141444.
Most of these support platforms are available during active trading times or on 24/5 basis. The fastest should be phone call while the slowest will be email.
- Toll free lines are available for all customer enquiries and support (for different countries)
- Instant online chat is available on the website.
- Multilingual support is available.
7.) Methods of Payment: Choose the Options That Work for You
The payment options available are:
Card payments: The minimum deposit amount using a debit or credit card is $5 while the maximum is $10,000. Deposit payments are processed instantly. For withdrawals, the minimum withdrawal amount is $5 while there is no maximum. It takes 2-10 business days to process a card withdrawal depending on the corresponding bank.
Bank wires: Minimum transaction amount is $100. Processing time usually takes between 2-7 working days. The banks involved charge the processing fees and there is no maximum limit to the deposit or withdrawal amount.
Online Payment Gateways: Available options are: FastPay, Skrill, Bitpay, Neteller, and WebMoney. The general minimum deposit amount is $5 but the maximum amount varies. Maximum for Webmoney and Neteller is $50,000, Skrill and Bitpay is $10,000 while Fastpay is $5,000. For withdrawals, the minimum is $5 and there are no withdrawal limits. All the payments are processed instantly except for Bitpay; which take 1-3 business days.
HotForex MasterCard: This card can only be used to withdraw profits from trading only. The minimum withdrawal amount is $5 and the maximum is $5,000 per month. Withdrawals are instant.
- Multiple payment options are listed on HotForex.
- HotForex do not charge fees for deposits and withdrawals.
- The fees charges are charged by the banks or payment processors.
8.) Additional Offers: Some Extras for You
Traders Award 2018: Every month, a trader with the greatest profit is rewarded with a crystal obelisk and a $1,000 cash prize with entry into the “HotForex Hall of Fame”.
Bonus: The bonuses available are the Super Charged Bonus, 30% Rescue bonus and the 100% credit bonus. These bonuses are given on deposits and traders can earn daily cash rebates of $2 per lot.
Trading Rewards Loyalty Program: Traders are encouraged to trade actively and get rewarded. There are four reward levels:
- HotForex Red: Earn 6 HotForex Bars for trading one lot
- Silver: 8 HotForex bars/lot after 31 active trading days.
- Gold: 10 bars/lot after 62 active trading days.
- Platinum: 12 HotForex bar/lot after 105 active trading days.
When a trader has accumulated enough bars, it can be converted to cash or services. 35 bars =$1
Full Trading Education is available in form of forex webinars, tutorial videos, and technical analysis. A host of trading tools are available for the trader. These include: Economic Calendar, trading calculators, Forex news, Autochartist tool, forex analysis and SMS service.
- HotForex rewards the best trader every month.
- Cash rebates are earned by traders when they trade.
- HotForex bars are earned by active traders.
9.) Regulation & Deposit Protection: Triple Protection from Hotforex
Is HotForex legit? Yes, because the company is duly registered, licensed and regulated by popular regulatory agencies as follows:
Hotforex in Europe is owned by HF Markets Holding Ltd. The company is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC).
Internationally, Hotforex operates under the company HF Markets (SV) Ltd, incorporated in St Vincent and Grenadines and licensed by the Financial Service Commission (FSC) of that country.
Hotforex is also operational in Mauritius and licensed there as well.
Their website operates with a Secured Socket Layer (SSL). This protects the website identity and helps protects data uploaded or entered into the website. In conformity to standards, during account registrations, every trader is required to upload KYC documents. The KYC (Know Your Customer) documents required are; a govt issued identity card and a proof of address.
HotForex states clearly on their website that the trader’s funds are properly segregated from broker’s funds. This is in strict adherence to the regulator’s directives. These traders’ funds are kept in bank accounts with major global banks. They also took civil liability insurance to the tune of 5,000,000 Euros. This is in case of unforeseen circumstances.
They also constantly identify risks associated with their operations and take pre-emptive measures (Risk Management).
- HotForex is duly licensed by the CySEC and FSC.
- Trader’s funds are separated and kept is trusted global banks.
- HotForex has taken civil liability insurance and also practices Risk Management.
10.) Awards: Trade with an Award-Winning Company
A HotForex review affirms that the company has won 20 industry awards.
Some of these awards are enumerated below:
- The BIZZ 2017 peak of success awarded by the World Confederation of Businesses.
- The Top 100 companies award by World Finance Magazine.
- 2015 Best Customer Service by the European Geo Awards.
2016 saw the company winning the Best New Forex Broker in South Africa (Global Banking and Finance review), Best Forex News and Analysis Provider (Mena Dubai FX show and Best Forex Broker in the Middle East, awarded at the 17th MENA FFXPO.
Other awards include the Best Client Fund Security by the Global Financial Market (awarded in 2014), the 2013 Best Forex Broker in China awards (at the CIOT EXPO), the 2012 & 2013 Best Online Broker Asia (awarded by the World Finance Magazine), the 2012 Best Forex Online Broker (awarded by the New Europe Magazine), the Best Online Broker in Eastern Europe (World Finance Magazine), and the Best Forex Affiliate Program for 2012 &2013 (awarded by the Global Banking and Finance).
Hotforex looks set to march on with more awards in the future.
- HotForex has won multiple awards since its inception 8 years ago
- The awards range from forex provision to training and market news
- The awards come from various credible awarding bodies in the FX industry
Conclusion: Trade Safely with HotForex
HotForex is one of the best forex brokers in the industry. The company is fully registered and regulated by the appropriate authorities. Hotforex adheres strictly to the policy of KYC and trader fund segregation. Their website is secured with the best security practices to protect identity and user data.
They offer trading in forex, metals, stocks, indices and cryptocurrencies. There are different account types available with different features. The account types come with different leverages up to a maximum of 1:30. Islamic accounts are also available.
About 8 platforms are available for trading. These range from browser based, tablet based and mobile phone based platforms. The platforms are MT4 based. Multiple trading instruments on multiple trading platforms are available. There are no deposit and withdrawal charges. Active traders are rewarded with different bonuses.
Contact form, email, toll free phone lines, online chat and social media are all accessible methods of receiving support from HotForex. Multiple channels of payment and withdrawals are supported.
HotForex reward their clients with bonuses. Some of them are awarded on deposits while some are for active trading.
Several awards have been won by HotForex over the years.
- Traders can trade with a leverage of up to 1:30
- Minimal deposit; as low as $5
- HotForex is a licensed and regulated brand with fund segregation and security.
- Multiple trading platforms are available.
- Multiple awards won from different countries.
- No service to traders from the United States, Canada, Sudan, Syria and North Korea.
- HotForex do not provide the new MT5 trading platform.
- They charge roll over (swap) fees and commissions.
- ECN trading incurs commissions in addition to spreads.